Market Definition
The demand for eyewear has increased significantly in recent years, particularly in growing Asia-Pacific nations like China and India. An increase in occurrences of visual impairment and eye problems together with a preference for current fashion trends are the main drivers of the global eyewear market’s expansion.
Market Outlook
The global eyewear market was valued at USD 118 billion in 2022 and it is anticipated to grow up to USD 262.5 billion by 2032, at a CAGR of 8.3% during the forecast period.
The young population is using more digital gadgets and devices, which has increased the number of eye disorders and raised the demand for vision correction solutions. In addition, factors like rising disposable income and rising standards of living in developing nations like Brazil and India have encouraged the use of designer and branded eyewear.
Globally, there is a rise in ocular disorders awareness, particularly in emerging nations, which is predicted to enhance consumer demand for eyeglasses. One of the major factors driving the major market trends is thought to be an increase in the number of people with ocular illnesses. According to the World Health Organization’s (2015) predictions, by 2020 there will be an estimated 2.2 billion additional cases of myopia worldwide. People who want to improve their aesthetic worth wear colored contact lenses in nations like China, South Korea, and Japan. Additionally, it is predicted that the market would grow during the forecast period as more people in developed and developing countries have access to eyeglasses and sunglasses through retail and online channels. The growing disposable incomes of people in emerging countries have increased the demand for more expensive sunglasses. It is also anticipated that rising brand consciousness will propel the industry internationally.
Additionally, it is anticipated that the rise in the senior population will accelerate the growth of the eyewear market during the forecast period. The prevalence of eye disease in the elderly population is increasing as people live longer. Both developed and emerging countries are exhibiting this trend. The aging population’s increased prevalence of myopia and hypermetropia is expected to drive market expansion. As the use of multifocal lenses among the elderly population has increased over time, this development is anticipated to further fuel the expansion of the eyewear industry.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Eyewear Market Segmentation
By Product Type
- Prescription Glasses/Spectacles
- Sunglasses
- Contact Lenses
By Mode of Sale
- Retail Stores
- Online Stores
By End User
- Men
- Women
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Major Players in the Global Eyewear Market
The major players studied in the market Carl Zeiss AG, Essilor International S.A., Grand Vision, Johnson & Johnson, Inc., Safilo Group S.p.A, Prada S.p.A, Luxottica Group S.p.A, Valeant Pharmaceuticals International, Inc., Cooper Companies, Inc., and Fielmann AG among others.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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